Negative Gross MarginsSharply negative gross margins over multiple years imply product costs or pricing are misaligned with value capture. Without structural improvements in production cost, yield, or pricing power, continued negative gross margins will prevent operating leverage and make sustainable profitability difficult to achieve.
Persistent Cash BurnConsistent negative operating and free cash flow means the company relies on external funding to operate. Even with partial FCF improvement in 2025, sustained cash consumption raises financing risk, can dilute shareholders, and limits resources for scale-up and application development.
Eroding Equity ReturnsOngoing losses producing negative ROE can shrink shareholders' equity over time, undermining the balance-sheet buffer. Even with low leverage, capital erosion reduces flexibility for investments or downturns and increases reliance on new capital to fund growth and commercialization.